Altice USA (NYSE:ATUS) Shares Gap Up - What's Next?

Altice USA, Inc. (NYSE:ATUS - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $2.43, but opened at $2.60. Altice USA shares last traded at $2.74, with a volume of 3,383,759 shares traded.

Analysts Set New Price Targets

Separately, UBS Group downgraded Altice USA from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $4.00 to $2.00 in a research report on Friday, August 2nd. Six equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $1.97.

Altice USA Trading Up 8.6 %

The firm has a market cap of $1.22 billion, a price-to-earnings ratio of -20.15, a P/E/G ratio of 9.42 and a beta of 1.53. The stock's fifty day moving average price is $2.26 and its 200-day moving average price is $2.11.

Altice USA (NYSE:ATUS - Get Free Report) last announced its earnings results on Thursday, August 1st. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.05). Altice USA had a negative return on equity of 1.54% and a negative net margin of 0.62%. The company had revenue of $2.24 billion for the quarter, compared to analysts' expectations of $2.25 billion. During the same period last year, the business earned $0.17 EPS. The company's quarterly revenue was down 3.6% compared to the same quarter last year. Analysts predict that Altice USA, Inc. will post 0.1 earnings per share for the current year.

Insider Transactions at Altice USA

In related news, Director Alt S.A.R.L. Next sold 805,227 shares of the business's stock in a transaction on Monday, October 28th. The shares were sold at an average price of $24.50, for a total transaction of $19,728,061.50. Following the completion of the transaction, the director now owns 38,055,771 shares in the company, valued at approximately $932,366,389.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 2,415,681 shares of company stock valued at $59,184,185. 52.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. US Bancorp DE lifted its holdings in shares of Altice USA by 30.2% during the third quarter. US Bancorp DE now owns 21,530 shares of the company's stock worth $53,000 after purchasing an additional 5,000 shares during the period. Vanguard Personalized Indexing Management LLC acquired a new stake in Altice USA during the second quarter worth approximately $25,000. Headlands Technologies LLC acquired a new stake in Altice USA in the 1st quarter worth about $46,000. SG Americas Securities LLC increased its position in Altice USA by 45.2% during the first quarter. SG Americas Securities LLC now owns 58,098 shares of the company's stock worth $152,000 after purchasing an additional 18,080 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in Altice USA by 102.2% in the third quarter. Handelsbanken Fonder AB now owns 36,000 shares of the company's stock valued at $89,000 after acquiring an additional 18,200 shares during the last quarter. 54.85% of the stock is owned by hedge funds and other institutional investors.

About Altice USA

Altice USA, Inc, together with its subsidiaries, provides broadband communications and video services in the United States, Canada, Puerto Rico, and the Virgin Islands. It offers broadband, video, telephony, and mobile services to residential and business customers. The company's video services include delivery of broadcast stations and cable networks; over the top services; video-on-demand, high-definition channels, digital video recorder, and pay-per-view services; and platforms for video programming through mobile applications.